Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-034"
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"en.20081008.14.3-034"2
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".
Madam President, President of the Council, President of the Commission, Mr Almunia, the European Verts Group – the group I have been asked to represent this afternoon – has approved the decisions of yesterday's Ecofin Council. I think the only thing that should concern us, and which is of concern to you, is the reaction of the markets today, which do not seem entirely convinced that the proposals are correct. I hope the markets are going to pull themselves together again and I hope the European authorities will continue to act in this sense.
I would like to share with you three comments, or three messages. The first message concerns Europe itself. Parliament is in fact divided, in part. Many people have wanted to point out that Europe was absent from the management of the banking and financial crisis. We, the European Verts, would like to point out that the banking crisis particularly reveals the inadequacy of common European rules and that, in this area as in many others, there is a need for more of Europe, not less of Europe.
The second message concerns the responsibility of those involved. I have heard and I understand that Mr Barroso in particular believes that the time has come for action, certainly, but I also think the time has come to identify where some of the responsibility lies. It would be all too easy for me to point the finger at the Council, the governments that make up the Council, or the Commission, since some Commissioners believed that better lawmaking meant self regulation, not lawmaking at all. To take a concrete example, let us look at the directive on deposit guarantee schemes: in November 2006, the Commission submitted a report which said that no further legislation was needed in this field. I am not sure you would uphold this position today.
However, it is actually Parliament I am addressing. A week ago, in this Parliament, we voted for a report by Mr Rasmussen. The first version was excellent and we supported it. Parliament had to secure a majority vote by lowering the requirements expressed by the rapporteur himself.
We are experiencing the same thing today with the Lamfalussy report on the structure of supervision of the financial markets. There again, everyone needs to take his own share of the blame. I believe the PPE Group and the Liberal Group, Mr Watson, have a particular responsibility for the watering down of the report that we will be voting on tomorrow.
Next, I would just like to say a few words about the crisis. This is a message to you, Mr Barroso, since you are the one setting up another reflection group (there are many, but a new one is perhaps welcome), notably on the link between the financial crisis and the environmental crisis. The financial crisis, as you have said yourself, does not erase the environmental crisis. From that point of view, I think what this banking crisis shows in the medium term is that there is a real problem with the allocation of savings in the European Union. What I would like – what the European Greens would like you to put on the agenda of this group – is reflection on the instruments that the European Union might have at its disposal. I am thinking in particular of the European Investment Bank, which should be charged with providing long-term finance so that the energy/climate package and the investment it represents are effectively guaranteed. I think this is essential."@en1
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